Why personalised financial services matter for customers
Did you know that 64% of consumers are likely to switch brands if they don't receive personalised experiences? Recent research by Twilio highlights this critical statistic, emphasising the critical importance of personalisation in today's competitive market.
In the financial services sector, this presents a unique challenge. Banks must grasp and leverage customer financial literacy to deliver top-tier experiences. This approach not only provides customers with the security and peace of mind that fosters trust but also enhances satisfaction and loyalty.
As a bonus, personalised financial services can reduce operational costs for banks by introducing more self-service options customised to each customer’s needs and financial understanding.
Top five ways to enhance the customer experience
Ready to make your data more impactful? Here are the five key areas for you to focus on:
Tailor friction for different users: While streamlining processes is often the goal, it isn’t always the best strategy for every demographic. Millennials, who are tech-savvy and accustomed to self-service, typically prefer minimal friction. In contrast, baby boomers may appreciate more detailed interactions that reinforce trust and security. By adjusting friction levels, banks can optimise satisfaction across different age groups.
Choose quality over quantity: Effective personalisation isn’t about overwhelming users with notifications. It’s about delivering relevant information at the right time. Embed these meaningful customer insights within the app's workflow rather than isolating them in a separate section to enhance their value.
Enhance transactional experiences: Companies like Apple, Starbucks, and Google are entering financial services, leveraging transactional data for comprehensive customer profiles. Banks, which already have access to such data, should focus on non-transactional value-adds, such as personalised financial education and smart budgeting tools, to help customers optimise their finances.
Capitalise on moments of truth: Customer engagement shouldn't end after the initial interaction. Build upon these 'moments of truth' with meaningful post-interaction experiences to foster deeper connections and loyalty. This approach can transform a simple transaction into a lasting customer relationship.
Create omni-channel customer experiences: A personalised user experience should be consistent across all platforms, not just confined to a bank’s mobile app. Ensure these insights are available on desktop interfaces and that branch staff are equipped with the same information to assist customers effectively. A unified customer experience across all channels is key to cultivating customer loyalty.
Personalised financial services are more than just meeting customer expectations; they’re a strategic investment in long-term success. By understanding and addressing individual needs, your bank can boost customer satisfaction, engagement, and loyalty, creating a more meaningful and enduring relationship with your customers.
To discover how you can implement these strategies and enhance the customer experience, feel free to reach out to our expert, Fraser Wilkie, Head of Design, Asia, at fraser.wilkie@synpulse.com.
Embrace a frictionless future?
This week’s newsletter offers a glimpse into our latest benchmarking study, Frictionless Future: Harnessing Data to Deliver a Personalised Customer Experience. Conducted in partnership with iSky Research, this study reveals how banks can leverage data and technology to create truly personalised, frictionless customer experiences.
Take the first step towards a frictionless future. Download the full report now
What's next?
Next week, we’ll explore the state of banking in Hong Kong. Stay tuned for more industry-leading insights, straight from our experts to your inbox every Friday.